AB InBev to sell Distell stake in entirety
Anheuser-Busch InBev (AB InBev) has announced that it will be selling its entire stake in South Africa’s Distell Group to state-owned pension fund, the Public Investment Corporation (PIC). This was part of the agreement concluded during AB InBev’s $100 billion takeover of SABMiller, as stipulated by the Competition Tribunal.
According to Reuters, Remgro and Capevin Holdings, Distell's other large shareholders, had pre-emptive rights in relation to the stake. AB InBev has, however, said that they have confirmed they will not be exercising them regardless of the sale.
Previously, Remgro, which owns 53% of Distell, had intended previously to raise R9.9 billion to buy SABMiller's stake in the entity.
The stake comprises 26.4% of Stellenbosch-based Distell's issued share capital and is reportedly worth around R9 billion.
The PIC will be the new majority shareholder, once the deal concludes.
Pictured: Jannie Durand, Remgro CEO